Metal Bank Limited (MBK), an ASX-listed company focused on gold, copper and cobalt exploration, has announced the successful completion of its non-renounceable Entitlement Offer, raising a total of $2.42 million before costs. The offer, which closed on October 31, 2025, saw strong support from existing shareholders, the underwriter, and new institutional and professional investors.
Under the Entitlement Offer, eligible shareholders were offered one new share for every three shares held, priced at $0.014 per new share. The company received applications for over 78.9 million new shares from existing shareholders, raising approximately $1.1 million. The underwriter, Equator Capital Management Ltd, subscribed for 37.4 million new shares and elected to subscribe for an additional 28.6 million shares from the remaining shortfall, contributing a total of $924,187.45.
Due to excess demand for the shortfall, an additional $100,000 was raised from new institutional and professional investors. These investors will receive 5.7 million new shares, with a further 22.2 million shares placed by Taylor Collison Limited. Metal Bank’s Executive Chair, Inés Scotland, expressed gratitude for the support, stating that the funds will be used to progress the company’s Western Australia gold strategy towards production and to advance study work on the Millennium copper, cobalt and graphite project in Queensland.
The funds raised will specifically be allocated to progressing MBK’s WA Gold Strategy, assessing the graphite potential at the Millennium project and for working capital and offer costs. Trading of the new shares issued is expected to commence on November 10, 2025, with the remaining shares to be issued by November 14, 2025.